This are excerpts from a the book by Thomas Stanley “The Millionaire Mind”. This show shows the insights of how millionaires in the US think and act. This book is a result of a survey of many millionaires and their similarities. Why review this book in a blog that discusses design? Well, I want to be a millionaire, that’s why!And principles taught in this book are applicable to all.
Most of the people profiled in this book became economic successes in one generation. They came from economic ground zero. Most inherited no money. They never received the proceeds of an estate or income from a trust account. How did they do it? Because they are of the millionaire mind.
You may never be able to generate the sizable income that many of these millionaires have earned. You may not become a multimillionaire in a few short years. But you can still benefit from understanding how these people maintained an enjoyable lifestyle at the same time they were accumulating wealth. Only a few people, even those with high incomes, know how this can be accomplished. Those with a millionaire mind know how, and they are profiled in this book.
Similarities of the Millionaire Minds
- Nearly all them are (97%) homeowners
- About twelve years ago we purchased our current home for an average price of $558,718. The median price was $435,000. We have enjoyed reasonably good appreciation on our home. On the average , it is currently worth $1,381,729. The current median value is $750,000. Thus we have benefitted financially and added our net worth by the appreciation of our homes
- In spite of the high value of our homes, we generally have small outstanding mortgage balances
- Most of us (61%) live in the homes that are currently valued at over 1 million dollars. But only one in four (25%) paid $1 million for our current homes
- One in then purchased a home in the three years that followed the stock market plunge in 1987. Many of us who did were searching for foreclosure
- We live in a home that was constructed forty years ago(median year). Fully one in four (25%) of us live in homes that were built in the last ten years
- The majority (53%) of our group have not moved in the past ten years. Only 2% of our group has moved two or more times during the same period
- Only a minority (27%) og our group has ever had a home built for them. We of the millionaire mind believe that’s its better to purchase an existing home than to get into the “building business”. It is much less time consuming and probably cost less to purchase homes out of existing inventory
- Who among them are likely to have homes built for them? Attorneys! We have to wonder why they are so reluctant to build
Vocations of the Millionaire Minds
- One in three (32%) of us are business owners or entrepreneurs. Nearly one in five (16%)are senior corporate executives. Ten Percent (10%) of our group are attorneys, 9% are physicians . The other 1/3 of our population is composed of retirees, corporate middle managers, accountants, sales professionals or new business development officers, enginners, architects, teachers, professors and housewives
- Business owners overall are the richest among the group, bur senior executives are often among the ranks of multimillionaires. They account for 16% of the millionaires but for nearly 26% of the decamillionaires, those with worth of $10 million or more
- Nearly 50% of our wives do not work outside the home. Those who are employed are business owners or entrepreneurs(7%), sales professionals(5%), corporate middle managers(4%), attorneys(4%), teachers(3%), senior corporate executives(3%), and physicians(2%). About 16% of wives whowere emplyed outside the home are currently retired
- About two-thirds of us who are decamillionaires report that their wives do not work outside the home. About one-half of those who do work, work part-time
Education of the Millionaire Minds
- We are well educated. Fully 90% of us are college graduates. More than half (52%0) hold advanced degrees